Skywater Technology Inc (SKYT)

[56Chevy]

Marker:

SKYT
$7.81 -1.61 (-17.09%)
Volume: 1,082,269

* The 2nd Qtr shows good news and bad news. The market today is reacting to the bad news.


SkyWater Technology Reports Second Quarter 2023 Results

Record Revenues and Continued Year-over-Year Increase in Gross Margin

BLOOMINGTON, Minn., – August 7, 2023 – SkyWater Technology (NASDAQ: SKYT), the trusted technology realization partner, today announced financial results for the second quarter of 2023, ended July 2, 2023.

Highlights for Q2 2023:

•Revenue increased 47% year-over-year to a record $69.8 million.

•Gross margin increased to 23.9% on a GAAP basis, compared to 4.4% in Q2 2022, and increased to 24.7% on a non-GAAP basis, compared to 5.6% in Q2 2022.

•Net loss to shareholders of $8.6 million, or $(0.19) per share on a GAAP basis, and net loss to shareholders of $6.4 million, or $(0.14) per share on a non-GAAP basis, compared to net loss to shareholders of $13.0 million, or $(0.32) per share on a GAAP basis, and net loss to shareholders $10.8 million, or $(0.27) per share on a non-GAAP basis in Q2 2022.

•Adjusted EBITDA of $6.5 million, or 9.3% of revenue, compared to $(1.6) million, or (3.4)% of revenue in Q2 2022.

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Source: https://ih.advfn.com/stock-market/NASDAQ/skywater-technology-SKYT/stock-news/91751085/skywater-technology-reports-second-quarter-2023-re

** FD: I do not have a position on this stock.